Nickel mines in Brazil and New Caledonia are not coming to rest
Nickel mines in Brazil and New Caledonia are not coming to rest

11 April 2024 – Large nickel mines and processors in Brazil and New Caledonia are not coming to rest. In New Caledonia, protests over nickel aid from France turn violent. In the United States, delivery times for stainless steel are now also lengthening. And the current US CPI continues to point to interest rate stability.

Nickel mines in Brazil and New Caledonia are not coming to rest

A few days ago, a Brazilian court once again suspended the operating license of the Onca Puma Nickel Mine (nominal production capacity 27,000 metric tons of nickel per year), which belongs to the Vale S.A. mining group. The legal dispute between the Brazilian government and the Vale Group revolves around compliance or non-compliance with environmental regulations. The legal dispute has already gone through several instances and an end is not yet in sight.

Dispute over aid for nickel mines in New Caledonia escalates

The dispute over financial aid of 200 million euros from the French government to once again rescue the New Caledonian nickel industry turned violent on Wednesday. Demonstrators, who fear a growing influence of the French government (the former colonial power of New Caledonia) on the Pacific archipelago, clashed with state security forces yesterday.

Glencore has already stopped processing in New Caledonia

The nickel mines and processing plants in New Caledonia have already had to be rescued repeatedly. Glencore, one of the operating companies, suspended operations at its facilities in February 2024 after incurring losses of 14 billion euros over the last ten years.

US delivery times for stainless steel are also getting longer

According to reports from the US stainless steel market, US mills are also extending their delivery times for flat-rolled stainless steel from new production. These had already increased significantly in Europe in recent weeks.

CPI: US consumer prices up in March

Key US consumer prices rose slightly in March 2024 compared to the previous year. However, analysts had expected a slight decline. Even though the increase was marginal at 0.1 percentage points, the US Federal Reserve is expected to keep interest rates stable and further delay a possible rate cut.

Latest news

Receive all the latest news once a week

Receive all the latest news once a week

Make it easy for yourself: we will remind you once a week about the latest news.

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!